21.2 mil in series B funding is pretty substantial and I doubt they had to pay a ton of money to acquire content to stream. It's a niche product, but they'll be fine for at least the first couple of years.
No way is WWE going to keep investing in an indie streaming service if it is failing when they have their own streaming service that they could just as easily move content over to and cut out the middle man if they really wanted. This is going to tank like every attempt that has been made to have some type of big indie streaming service/channel. Even with WWE involvement on the back end.
$20 a month is too high after WWE set the standard at $9.99. More casual fans who get WWE Network mostly for PPVs aren't going to pay for it again somewhere else for twice as much because they're likely not interested in the indie stuff. The people who WOULD pay the $20 a month are likely paying much more directly to indies, so the indie companies are getting less money and have their content diluted with a bunch of other companies. In the event of indies being on WWE Network, the extra exposure would help them from a live gate perspective, but are people who would sign up for a monthly indie streaming service decide to go to live shows when they might not have before hand? I doubt it.
In a few months, promotions will realize it isn't help them and possibly is hurting their bottom line and will start pulling out, if they haven't pulled out before hand due to not getting paid when this thing has a tiny ass audience that falls off and bills aren't getting paid. That's actually probably why WWE invested: With the intention of this thing failing and them swooping in to pick up the already established structure and plans without having to start from scratch.
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